Last updated on November 11th, 2024 at 10:43 am
Crypto derivatives exchange Bitnomial has announced the upcoming launch of its new U.S.-based perpetual futures trading platform, “Botanical.” This development follows a successful $25 million funding round led by Ripple, including participation from new and existing investors. The funding will aid in expanding Bitnomial’s Commodity Futures Trading Commission (CFTC)-regulated exchange, clearinghouse, and brokerage services.
Bitnomial aims to provide a regulated alternative to decentralized exchanges (DEXes) and offshore trading models by integrating its innovative trading platform into the U.S. market. Bitnomial’s CEO, Luke Hoersten, echoed this sentiment and pointed to Botanical as the perfect method to trade perpetual futures in compliance to meet the need for a safe and legitimate digital asset market. “We are excited to partner with Ripple, whose investment demonstrates a shared belief in creating a robust regulated marketplace for digital assets in the U.S.,” Hoersten stated.
Also Read: Bitnomial Takes SEC to Court Over XRP Futures Regulation
Ripple’s Investment and Strategic Partnership
Ripple is more than just the leading funding round; its token, RLUSD, will participate in Bitnomial’s settlement. This strategic partnership displays that Ripple supports compliant digital asset trading platforms. Recently, Bitnomial announced that Ripple CEO Brad Garlinghouse is to become a member of its board. Garlinghouse also noted that the work done by Bitnomial means that offshore trading models could easily make their way into the derivatives industry in the United States and become a significant market.
Still, in a private testing phase, Botanical will be housed under Bitnomial Clearing LLC, the company’s FCM registered with the CFTC. The platform is believed to provide various products for the perpetual future, competing with offshore exchanges and VPN-based options.
Conclusion
With the launch of Botanical, Bitnomial is poised to reshape the U.S. crypto derivatives market. The partnership with Ripple underscores a shared vision of building a compliant and regulated marketplace for digital assets, further strengthening Bitnomial’s position in the industry.
Also Read: Ripple CEO Criticizes SEC for Ignoring Court Ruling on XRP’s Legal Status
